Public Bitcoin miners pivot to AI as network hashrate falls for six straight months
- —Public miners' cash cost per BTC was about $75,500 in Q2 2026
- —Core Scientific paid $41.9 million to cancel a 15 EH/s Proto rig order
- —IREN, Cipher and Keel are exiting mining, cutting at least 35 EH/s of listed hashrate
- —AI-contracted miners trade at 12.9x EV/Sales versus 3.7x for those still mining
Why it matters: The shift of power capacity from mining to AI curbs hashrate growth and new BTC supply, while miner valuations increasingly hinge on AI contracts.
Source: ChainCatcher 链捕手